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US Apex to Ramp Up Oil Production in Egypt’s Western Desert

Egyptian Petroleum Minister Tarek El Molla during a meeting with the Secretary-General of OAPEC, Ali bin Sabt, in Cairo on Monday, June 27, 2022. (Asharq Al-Awsat)
Egyptian Petroleum Minister Tarek El Molla during a meeting with the Secretary-General of OAPEC, Ali bin Sabt, in Cairo on Monday, June 27, 2022. (Asharq Al-Awsat)
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US Apex to Ramp Up Oil Production in Egypt’s Western Desert

Egyptian Petroleum Minister Tarek El Molla during a meeting with the Secretary-General of OAPEC, Ali bin Sabt, in Cairo on Monday, June 27, 2022. (Asharq Al-Awsat)
Egyptian Petroleum Minister Tarek El Molla during a meeting with the Secretary-General of OAPEC, Ali bin Sabt, in Cairo on Monday, June 27, 2022. (Asharq Al-Awsat)

Apex Chairman of the Board of Directors Roger Plank held talks on Monday with Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla.

Plank said his company is currently studying the expansion of its activities in Egypt’s Western Desert by acquiring several already producing concession areas and intensifying drilling operations in these areas to increase output and maintain production rates from obsolete fields.

“This is in addition to Apex’s 50-50 partnership with Eni in East Siwa, in which it manages the operations and will be implementing a work program with investments of $2 million, rising to $3 million over the research period,” Plank noted.

He reviewed the most important indicators of the company’s performance over the past years, noting that the company’s total investments since the beginning of its work amounted to $38 million and plans to reach investments of $82 million.

Plank added that the company’s current crude oil production rate is about 6,000 barrels per day, with plans to reach 7,000 bpd.

Molla, for his part, said the Western Desert area is still rich in many distinguished investment opportunities.

He pointed out that the petroleum sector is working to attract international oil companies specialized in maintaining and increasing the productivity rates of aging fields.

Modern technologies have opened wider areas for petroleum work in depths that were not possible before, the minister explained.

Apex launched its activities in Egypt in 2017 by signing the first exploration agreement in the East Meleiha area in the Western Desert, which resulted in exploring crude oil in the Fajr field. It operates several hydrocarbon fields in the Western Desert of Egypt with its joint-venture company PetroFarah.

Molla also held talks on Monday with Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt.

Discussions tackled the progress of OAPEC’s working plan, which has been approved by the organization’s ministerial council to achieve its goals and cope with the latest regional and international developments.

The working plan includes the development of 12 fields and is considered a roadmap for the organization.

The roadmap includes boosting the relationship between OAPEC’s general secretariat and Arab companies, improving scientific research, enhancing OAPEC’s role in training, and developing the petroleum media’s role.

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Business

Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.

Business

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.

Business

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.